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Lasting high? Cannabis industry aims to build on Thanksgiving rush
  + stars: | 2020-12-04 | by ( Shariq Khan | ) + 0.00   time to read: +6 min
(Reuters) - U.S. cannabis sales hit record levels over the Thanksgiving weekend, prompting industry predictions the combination of COVID-19 anxiety and a trend towards legalisation has triggered a permanent uplift in demand. Stuart Titus, an early cannabis investor and CEO of Medical Marijuana Inc, says 2021 could be the year when cannabis becomes as readily available as alcohol and tobacco. A Gallup poll in November showed support for marijuana legalisation had reached 68% support, the highest level yet and up from 66% last year. “With many Republican Senators now representing states that have passed cannabis legalisation measures by wide margins, we will likely see increased support from Republicans for federal cannabis reforms,” he said. “Lawmakers see cannabis legalisation as a great way to shore up their balance sheets and provide jobs during this time of economic uncertainty,” she told Reuters.
Persons: Stephen Lam, lockdowns, Akerna, Jesus, ” Avis Bulbulyan, Stuart Titus, Kamala Harris ’, Steve Allen, , , Jessica Billingsley, Company’s Allan Organizations: Reuters, Cannabis, REUTERS, Green, New, Siva Enterprises, of Columbia, Medical Marijuana Inc, STATE Marijuana, Democrats, Industry, Gallup, Republican, Parent, Republican Senators, Producers Locations: San Francisco , California, U.S, Idaho, Nebraska, United States, South Dakota, Missouri, Canada
REUTERS/Massimo PincaSPACs are shell companies that use the proceeds from going public to buy another company, not yet identified at the time of listing. They said listings destined for Europe tended to be focused on the healthcare, technology and consumer sectors, with Euronext’s exchanges in France, the Netherlands and Southern Europe set to see the most activity. Saadi Soudavar, co-head of equity capital markets (ECM) at Deutsche Bank in EMEA said a “decent” pipeline of European SPAC deals was building for next year, without giving further details. FEE BOOSTFor European ECM bankers, a surge in SPAC deals would mean a fee boost. SPACs led by European investors and targeting European companies, such as the one recently launched by private equity fund Investindustrial, have ditched European exchanges to list in New York, where investors are more familiar with the product.
Persons: Massimo Pinca, Nikola, Bill Ackman, Michael Klein, Martin Franklin’s, Xavier Niel, Matthieu Pigasse, Saadi Soudavar, Suisse’s Joachim von der Goltz, SPACs, , Darrell Uden Organizations: REUTERS, VectoIQ, Harvester Holdings, Reuters, Deutsche Bank, European, Northern, RBC Capital Markets Locations: FRANKFURT, U.S, Europe, Turin, Italy, United States, London, Amsterdam, France, Netherlands, Southern Europe, EMEA, European, Germany, Northern Europe, New York
Athleta reported an impressive 35% increase in sales in the third quarter of 2020, solidifying itself as Gap Inc's fastest-growing brand. Athleta CEO Mary Beth Laughton told Business Insider that since it first introduced masks in March "to much acclaim," the category has helped acquire more than 2 million new customers. Though it's been an especially challenging year for Gap Inc., Athleta is proving to be a bright spot amid its pandemic woes. "Customers continue to come to our brands from masks," Syngal said during the call with investors last week. She added that the pandemic has placed an increased emphasis on the importance of health and wellness that she believes will continue to help propel Athleta sales in the future.
Persons: Athleta, Mary Beth Laughton, Laughton, it's, Sonia Syngal, Syngal, we've Organizations: Gap Inc, Inc, Business, Old Navy
The Securities and Exchange Commission has charged and settled with the Cheesecake Factory for misleading investors with its Covid-19 disclosures. This is the first time that the regulator has charged a company for misleading investors about the financial impacts of the pandemic. But internal documents at that time showed the Cheesecake Factory was losing about $6 million in cash per week, with only 16 weeks of cash remaining. The Cheesecake Factory did not immediately respond to a request for comment from CNBC. Shares of the Cheesecake Factory fell about 1% in premarket trading.
Persons: Cheesecake Organizations: Securities, Exchange Commission, Factory, SEC, Cheesecake, Roark Capital, Inspire Brands, CNBC
DocuSign CEO Dan Springer on company's potential for growth after the pandemic"People in a more secular way have realized they need to modernize their businesses," DocuSign CEO Dan Springer told CNBC's "Squawk Box" Friday when asked about the company's sustainability and potential growth rate. "That's why we are super excited about the long-term positive growth ahead."
Persons: Dan Springer, CNBC's
Trevor WilliamsWhat goes up must come down and then usually goes back up again, at least in the case of the U.S. stock market. Then, in March, when the pandemic slammed the U.S. with sweeping lockdowns that brought most economic activity to a halt, the index tanked, falling 30% in 22 trading days and officially entering bear territory. Weigh risk vs. reward For those investing long-term, such as for retirement, staying in the market is often the best strategy, according to financial advisors. Research has shown that missing out on the best trading days has a huge impact on long-term returns, as they often follow the worst days. "When markets do go down, it does provide an opportunity to buy good-quality investments at lower prices."
Persons: Trevor Williams, Charlie Ripley, Kaya Ladejobi, Anjali Jariwala, Jason Field, Van, Phuong Luong, Organizations: Allianz Investment Management, Investors, Bank of America, CPA, Van Leeuwen & Company Locations: New York, Torrance , California, Van Leeuwen, Princeton , New Jersey, San Francisco
The past year has seen a series of management shake-ups at the Ford Motor Company, even amid some of its most historic new-car launches in recent history. In October, CEO Jim Hackett gave way to another Jim — Jim Farley, the guy who, rather than spitting out another rehearsed line from his public-relations team, once said "F--- GM." Business Insider has the full timeline of the changes and what they mean below. But first, you should get to know Ford's new executive ranks. February 2020July 2020August 2020October 2020November 2020
Persons: Jim Hackett, Jim — Jim Farley Organizations: Ford Motor Company
CVS CEO shares the company's plan for Covid vaccine rollout
  + stars: | 2020-12-04 | by ( Nbc News | ) + 0.00   time to read: +4 min
Researchers examined the chain of transmission from a June 17 outbreak in a restaurant in the city of Jeonju, in western South Korea. In one case, the infected person overlapped with a diner for only five minutes who later tested positive, according to the study. A study from Korea showing why indoor dining is unsafe and why airborne transmission matters. "He died in a room not his own, being cared for by people dressed in confusing and frightening ways. He died with Covid-19, and his final days were harder, scarier and lonelier than necessary.
Persons: Courtney Farr, Marvin J, Farr, Marvin, , , Julia Pollak Organizations: Korean Medical Science, CDC, WHO, , Lane Nursing, Bureau of Labor Statistics, Locations: Korea, South Korea, Jeonju, Kansas, Scott City , Kansas, U.S
Hasbro CEO Brian Goldner on the company's holiday sales
  + stars: | 2020-12-04 | by ( ) + 0.99   time to read: 1 min
Hasbro CEO Brian Goldner on the company's holiday salesHasbro chairman and CEO Brian Goldner joins CNBC's "Squawk on the Street" to discuss the toy company's holiday outlook.
Persons: Brian Goldner Organizations: Hasbro
NASA is paying Colorado start-up Lunar Outpost $1 to collect rocks and dust from the moon. NASA asked for bids between $15,000 and $25,000, but approved the $1 bid because Lunar Outpost was already planning to collect lunar material. Colorado start-up Lunar Outpost will collect "a small amount" of material from the surface of the moon's south pole in 2023, NASA announced Thursday. The company is currently undecided which lander it will fly with, Lunar Outpost CEO Justin Cyrus told CNBC. Like Lunar Outpost, both companies will collect the material from the moon's south pole in 2023.
Persons: aren't, Phil McAlister, McAlister, Justin Cyrus, Read, , Mike Gold, NASA hasn't, regolith, Peggy Whitson Organizations: NASA, Lunar, CNBC, Navy SEAL, Systems, ispace, Apollo, America Locations: Colorado, China, Europe, Luxembourg, ispace Japan
Nikola Motor Company's Badger all-electric pickup truck was one of the most highly anticipated products from the startup, and on the EV market as a whole. A Nikola company statement said all reservation deposits will be refunded. The hotly anticipated Nikola Badger is no more. "Nikola has billions worth of technology in our semitruck program, so why not build it into a pickup truck?" "Nikola will refund all previously submitted order deposits for the Nikola Badger," the company said in its statement.
Persons: Nikola, Nikola Badger, semitruck, Nikola Four, Trevor Milton, Milton, General Motors, Nikola —, Nikola The, Mary Barra, Mr, Massimo Pinca, Mark Reuss, Reuss, it'll Organizations: General Motors, GM, Nikola, Nikola Motor Company, Anheuser, Busch, Badger, General, Hindenburg Research, Auto OEM, Twitter, Milton, Business, Reuters, Bloomberg, Honda Locations: America, Michigan
Steve Wozniak is starting a second company, 45 years after he co-founded Apple in Steve Jobs' parents garage in 1976. This time, Wozniak is starting a business in the green tech and blockchain space called Efforce, according to a statement released Friday. According to Efforce, "investors can participate in energy efficiency projects buy acquiring tokenized future savings," while companies benefit from such improvements "at no cost." According to Wozniak, "energy consumption and CO 2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. Wozniak created Efforce "to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change," he said.
Persons: Steve Wozniak, Steve Jobs, Wozniak, Efforce, Jacopo Visetti, Visetti, Wozniak's, Tim Cook Organizations: Apple, Bithumb Global
The Boring Company is close to finishing its first real project. The firm tweeted a video inside the cavernous boarding area at its Las Vegas Convention Center people mover. The Boring Company celebrated the near completion of its first real project with a "tunnel rave." It'll be a much-needed proof of concept for the Boring Company after earlier planned projects in Los Angeles and Chicago fizzled out. It recently took the first steps to getting a network connecting the entire Las Vegas Strip approved.
Persons: Elon Musk, It'll, Musk, It's Organizations: Las Vegas Convention, TechCrunch, Elon, Boring Company, Vegas Locations: Los Angeles, Chicago
Amaurys Grullon is the founder of Bronx Native, a clothing company inspired by the New York City borough. In 2016, he set out to try and change people's perceptions with the launch of Bronx Native, a company that creates and sells Bronx-themed clothing, including shirts, hats, and, other gear. As soon as he opened his retail space, other Bronx boosters, New York City devotees, and visitors started flocking. He also turned a friend's basement into "the Bronx Native fulfillment center," he says, so he could process the growing number of online orders. He's also focusing on the culture-building part of his business, such as his Bronx Native record label.
Persons: Grullon, He's, , We've Organizations: New, PayPal ¹, PayPal, Small, Administration, Bronx, Insider Studios Locations: New York City, Manhattan, Brooklyn, Bronx, COVID
Tesla CEO Elon Musk said on Tuesday that he would be open to discussing a merger with a rival automaker. Experts told Business Insider that Ford, General Motors, Nio, and the Renault-Nissan-Mitsubishi alliance would be Tesla's most likely merger candidates. During a Tuesday interview with Axel Springer, the parent company of Business Insider, Musk said he would be open to discussing a merger with another automaker. "If someone said, 'Hey, we think it would be a good idea to merge with Tesla,' we'd certainly have that conversation," Musk said. Business Insider asked two experts who follow Tesla and the auto industry to name the most likely merger candidates for the electric-car maker.
Persons: Elon Musk, Elon Musk hasn't, Axel Springer, Musk, Tesla Organizations: Experts, Ford, General Motors, Renault, Nissan, Mitsubishi, Business Locations: China
Payments company Stripe launches banking service
  + stars: | 2020-12-04 | by ( ) + 0.86   time to read: 1 min
Payments company Stripe launches banking serviceCNBC's Kate Rooney joins CNBC "Squawk Alley" to discuss the latest moves from payments company Stripe, which just launched banking services through partnerships with Goldman Sachs, Citigroup, Barclays and Evolve Bank & Trust.
Persons: Kate Rooney, Goldman Sachs Organizations: Stripe, CNBC, Citigroup, Barclays, Evolve Bank & Trust
That's because Slack, 38, a software engineer from Holland, Michigan, is the owner of the Twitter handle, @slack. Yes, like the tech company Slack that Salesforce just bought for over $27 billion. For Matt Slack, the answer to Shakespeare's famous soliloquy — "What's in a name?" "I've never had any desire to change my handle," Matt says. In general I think people like Slack as a product and a company," Matt says.
Persons: Slack, Salesforce, Matt Slack, wasn't, Matt, Stewart Butterfield, we've, Stewart, We've, I've, Matt's, Anna Pickard, Ali Rayl, I'm, we'll, John Mackey, Bill Gurley Organizations: New York Stock Exchange, Twitter, NYSE, Microsoft Teams, CNBC, Foods Locations: Holland , Michigan
FILE PHOTO: After the company announced it would extend its coronavirus work-from-home order until summer 2021, a Google sign is shown at one of the company's office complexes in Irvine, California, U.S., July 27, 2020. Gebru co-founded the nonprofit Black in AI that aims to increase representation of people of color in artificial intelligence and co-authored a landmark paper on bias in facial analysis technology. In his email to staff, Dean said the paper had not been given to the company for review in a timely fashion and was submitted to a conference without Google’s permission. The amount of disrespect is incredible.”Google declined to comment on her departure beyond Dean’s email, which was first reported by tech news site Platformer. Her new paper, co-authored with non-Google staff, is still expected to be presented at a computer science conference in March, according a person familiar with the matter.
Persons: Mike Blake Timnit Gebru, Gebru, Jeff Dean, Dean, , ” Dean, ” Gebru, Ifill, Organizations: OAKLAND, Alphabet Inc, REUTERS, Twitter, Reuters, Google, Legal Defense, Educational Fund, National Labor Relations Board, Microsoft Research Locations: Calif, Irvine , California, U.S
Brazilian soy farmers try 5G technology with Huawei equipment
  + stars: | 2020-12-03 | by ( Reuters Staff | ) sentiment -0.99   time to read: +2 min
“We launched this application for soy to show how 5G used with drones can raise productivity and reduce herbicide costs,” Fontes said by telephone. Huawei representatives declined to comment on a report on Thursday that the rules drawn up for the auction of spectrum frequencies in the first half of 2021 do not exclude Huawei. Brazil’s far-right President Jair Bolsonaro would have to make any decision on a Huawei ban. His government has been under pressure from the Trump administration to exclude Huawei due to security concerns. Telecom companies in Brazil, such as Claro, oppose a ban because they already use Huawei equipment.
Persons: Tiago Fontes, , ” Fontes, Anatel, Jair Bolsonaro, Trump Organizations: Reuters, China’s Huawei Technologies, Huawei, Huawei Brasil, Claro, S.Paulo, Company, Telecom Locations: BRASILIA, Goias, Rio Verde, Brazil, Claro
Houston company to build first U.S. vessel to support offshore wind boom
  + stars: | 2020-12-03 | by ( Valerie Volcovici | ) sentiment -0.90   time to read: +2 min
FILE PHOTO: View of wind turbines from the Modular Offshore Grid (MOG) installed offshore near Belgium's coast, September 9, 2019. The construction timeline would coincide with those of major U.S. offshore wind projects in the pipeline. East coast states have set targets to procure large amounts of offshore wind power over the next 15 years. The United States, with just over 40 megawatts of offshore wind energy capacity, lags far behind Europe where there is 22,000 MW. There are currently only 32 active turbine installation vessels globally and 14 dedicated foundation installation vessels.
Persons: Eric Herchaft, Jones, , Lasse Petterson, Joe Biden Organizations: WASHINGTON, Dock Corporation, American Wind Energy Association, Unions, U.S ., U.S . East Coast, Rystadt Energy Locations: Belgium's, Houston, U.S, United States, Great, East, Europe, Danish, U.S . East
The U.S. National Labor Relations Board has filed a complaint against Google and its parent company Alphabet, accusing the tech juggernaut of violating labor laws. The company was allegedly “interfering with, restraining, and coercing employees in the exercise of their rights guaranteed in Section 7 of the Act,” according to the complaint filed Tuesday. The week of Thanksgiving 2019, Google fired four employees, including Berland and Rivers, claiming they shared confidential documents and breached security. Shortly after that, Google fired security engineer Kathryn Spiers after she created a pop-up notification for Google employees visiting the website for IRI Consultants, a firm known for anti-union work, which Google had hired. The agency states that Google unlawfully surveilled employees “on numerous occasions,” including viewing an employee presentation in support of union efforts, the filing states.
Persons: Google didn’t, Rebecca Rivers, Laurence Berland, Kathryn Spiers, Spiers, Sen, Bernie Sanders, Elizabeth Warren, , Organizations: U.S . National Labor Relations, Google, NLRB, CNBC, IRI Consultants, Twitter, Investigations Locations: San Francisco, Rivers
California Company’s Cell-Grown Chicken Gets Nod From Singapore
  + stars: | 2020-12-03 | by ( Jacob Bunge | ) sentiment -0.91   time to read: +1 min
California food company Eat Just Inc. won Singapore government approval to sell chicken grown from poultry cells, a step forward for a nascent technology that aims to revolutionize meat production. The Singapore Food Agency, which oversees food safety and security in the country, deemed the chicken—produced using cell-culture technology—safe for human consumption at the levels Eat Just intends to use in chicken nuggets. The agency said the meat can be sold in Singapore as an ingredient in Eat Just’s nuggets product. Developers have said the technology still is in its infancy, and producing meat in bioreactor tanks from animal cells remains far more expensive than raising and slaughtering chickens, cattle and hogs. Proponents say the method can ease the environmental impact of producing meat for a growing world population, though farmers and ranchers have been skeptical of consumers’ appetite for hamburgers and chicken breasts developed in laboratories.
Persons: Bill Gates, Richard Branson Organizations: Inc, Singapore Food Agency, Cargill Inc, Tyson Foods Inc Locations: California, Singapore
HBO Max Needs the Kick from Warner’s Flicks
  + stars: | 2020-12-03 | by ( Dan Gallagher | ) + 0.98   time to read: +2 min
For now, though, it needs HBO Max even more. The Hollywood titan owned by AT&T said Thursday that it will put the 17 theatrical movies it has slated for release next year on its HBO Max service in the U.S. the same day they are released for theaters. That gives WarnerMedia an opportunity to give HBO Max a big boost. But HBO Max competes with the company’s other HBO offerings, including apps related to its long-running cable service. So while AT&T reported in its last earnings call in October that combined subscribers to HBO and HBO Max had hit 38 million domestically, that number includes only 8.6 million HBO Max activations.
Persons: WarnerMedia, HBO Max, company’s Warner, “ Tenet, , , HBO Max activations Organizations: HBO, AT, company’s, company’s Warner Bros, Office Mojo, Warner Bros, Netflix Locations: U.S, Kong, Canada
HBO Max Needs the Kick From Warner’s Flicks
  + stars: | 2020-12-03 | by ( Dan Gallagher | ) + 0.98   time to read: +2 min
For now, though, it needs HBO Max even more. The Hollywood titan owned by AT&T said Thursday that it will put the 17 theatrical movies it has slated for release next year on its HBO Max service in the U.S. the same day they are released for theaters. That gives WarnerMedia an opportunity to give HBO Max a big boost. But HBO Max competes with the company’s other HBO offerings, including apps related to its long-running cable service. So while AT&T reported in its last earnings call in October that combined subscribers to HBO and HBO Max had hit 38 million domestically, that number includes only 8.6 million HBO Max activations.
Persons: WarnerMedia, HBO Max, company’s Warner, “ Tenet, , , HBO Max activations Organizations: HBO, AT, company’s, company’s Warner Bros, Office Mojo, Warner Bros, Netflix Locations: U.S, Kong, Canada
U.S. Audit Watchdog Could Ramp Up Oversight Under New SEC Leadership
  + stars: | 2020-12-03 | by ( Mark Maurer | ) + 0.00   time to read: +5 min
The SEC, which is the U.S. securities regulator, supervises the Public Company Accounting Oversight Board, an independent watchdog that sets audit standards, inspects audits and disciplines audit firms for violations. SEC Chairman Jay Clayton and William Hinman, director of the regulator’s corporate finance division, plan to step down this month after about 3½ years in their roles. He has called for changes to the PCAOB’s rules and structure to better incorporate investor feedback. Mr. Pitt is a former SEC chairman who advises the agency on governance issues at the PCAOB. “An SEC chairman could have a fairly significant impact on how the PCAOB goes about doing its business, even without any change in composition,” he said.
Persons: Jay Clayton, William Hinman, Joe Biden, Clayton, Trump’s, , William Duhnke ., Denny Henry, William Duhnke, Robert Brown Jr, Duhnke’s, Brown, Duhnke, , Daniel Goelzer, Harvey Pitt, Pitt, Mark Maurer Organizations: Securities and Exchange, SEC, Public Company, Mr, Investor, roundtables, European Union, Kalorama Partners, Sarbanes, Oxley, Enron Corp, mark.maurer Locations: U.S
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